AquaScience — Confidential Assessment

Your Company

AquaScience was founded in 1984 by Lawrence Casey on a promise that still lives on the company's website today: to bring the world's finest water treatment equipment and well water supplies directly to the public at the lowest prices in the country. That was before the internet existed as a commercial channel — and yet Larry built a direct-to-consumer model that anticipated by decades what the rest of the industry would eventually try to replicate. Forty-one years later, AquaScience has served over 100,000 customers and completed more than 120,000 service calls in a three-year window alone, establishing itself as one of the most trusted water treatment providers in the northeastern United States. What makes AquaScience particularly remarkable is the breadth of its competitive moat. The co

Your Top Strengths

141-year operating history with a dual-channel model (local service + national eCommerce) that creates both recurring revenue and a scalable digital acquisition engine — a combination almost no competitor has replicated

2Specialized PFAS, radon, and Legionella treatment capabilities positioned directly in the path of accelerating federal and state regulatory mandates, converting what was once discretionary spending into compliance-driven demand

3Over 100,000 customers served, 120,000+ service calls in three years, BBB accreditation, and a 4.8 Google rating — an earned reputation that represents decades of compounding trust and is the single hardest asset for any acquirer to build from scratch

Estimated Value Range

Conservative

$6.4M

Likely

$8.8M

Optimistic

$12.8M

Valuation based on estimated EBITDA of $1,600,000 (calculated as 20% EBITDA margin applied to $8,000,000 estimated revenue — consistent with well-run water treatment companies with recurring service revenue and eCommerce margins). Applied water treatment industry EBITDA multiples: 4.0x (conservative, reflecting single-location risk), 5.5x (market median for established operators with recurring revenue), and 8.0x (premium, reflecting regulatory specialization in PFAS/radon, 41-year track record, dual-channel model, and eCommerce scalability). Multiples sourced from comparable water treatment and environmental services transactions in the 2024-2025 period.

Your Market

The water treatment industry is experiencing a generational shift in M&A activity. Private equity firms and strategic consolidators have recognized that water treatment sits at the intersection of three mega-trends: aging infrastructure requiring remediation, tightening EPA and state-level water quality regulations (particularly around PFAS 'forever chemicals'), and the essential-service nature of clean water that makes these businesses recession-resistant. In 2024-2025, water treatment and environmental services companies traded at EBITDA multiples of 4.0x to 8.0x, with premium valuations goi

EBITDA Multiple Range	4.0x — 6.5x — 10.0x
Revenue Multiple Range	1.0x — 1.5x — 2.0x
Typical SDE Range	$250K-$1M

Recent Transactions in Your Market

— acquired by Ecolab >$1.5B
— acquired by Veolia >$1.5B
— acquired by Various $26B aggregate disclosed

Our Approach

Phase 1 (Days 1-15): Build a curated buyer list of 40-60 targets across three categories — PE-backed water/environmental platforms (15-20), national strategic acquirers (10-15), and family offices/independent sponsors with essential-services mandates (15-25). Prepare a blind teaser highlighting key metrics (41 years, 100K+ customers, dual-channel model, PFAS/radon specialty) without revealing the company name. Phase 2 (Days 15-30): Execute a controlled outreach campaign — personalized letters to the top 20 targets, followed by direct calls to corporate development and operating partners. Simul

Value Drivers & Considerations

Based on our research across 180+ EBITDA levers in your vertical, here are the factors that will most impact your valuation multiple. These are what sophisticated buyers evaluate during diligence.

What Drives Your Premium

Brand/Reputation +0.25x-0.50x

41 years in business, 4.8 Google rating, BBB accredited, and 100K+ customers served creates a moat that is nearly impossible to replicate. A buyer inherits four decades of trust.

Best-in-class: Strong Google/BBB ratings, multi-decade operating history, recognized local brand with national eCommerce presence

Where you likely stand: Top-tier. 41 years, 4.8 stars, and 100K customers is elite for a company this size.

Municipal Water Quality Trends +0.50x-1.50x

AquaScience specializes in PFAS, radon, and Legionella — the exact contaminants driving new EPA regulations. Rhode Island and New England have documented PFAS contamination issues, creating a secular tailwind.

Best-in-class: Specialization in regulated contaminants with growing public awareness and mandatory remediation timelines

Where you likely stand: Strong tailwind. PFAS regulation is accelerating nationwide and AquaScience is already positioned as the expert.

Recurring Filter/Salt Delivery Revenue +0.50x-1.50x

With 100K+ customers served and 120K+ service calls, AquaScience has a massive installed base generating repeat filter replacements, salt deliveries, and maintenance visits.

Best-in-class: 40%+ revenue from recurring consumables and maintenance; auto-ship or route-based delivery

Where you likely stand: Likely moderate-to-strong given the service call volume, but exact recurring percentage needs verification.

Water Testing/Analysis Service Revenue +0.25x-0.75x

PFAS, radon, and Legionella specialization implies in-house testing capability that most competitors lack. Testing is the entry point for system sales.

Best-in-class: Proprietary testing services that convert to system sales at 30%+ close rates

Where you likely stand: Strong. Specialization in emerging contaminants suggests real analytical capability.

Service Agreement Attach Rate +0.25x-0.75x

120K+ service calls across a 100K+ customer base indicates strong ongoing service relationships. Dual-channel model means both local service contracts and eCommerce purchases contribute.

Best-in-class: 60%+ of installed base on annual service agreements with 85%+ renewal rates

Where you likely stand: Service call volume is impressive for 11 employees. Attach rate likely solid but capacity-constrained.

Opportunities to Maximize Value

Owner Dependency / Key-Man Risk -0.75x-1.50x

Larry Casey founded the company in 1984 and has run it for 41 years with only 11 employees. Customer relationships, vendor terms, and brand identity are almost certainly concentrated in the founder.

Best-in-class: Owner works <20 hrs/week, GM runs daily ops, company performs during owner vacations

Where you likely stand: High risk. 41-year sole founder with 11 employees is a textbook key-man scenario.

Key Employee Flight Risk -0.50x-1.00x

With only 11 employees handling 120K+ lifetime service calls, each technician carries outsized institutional knowledge. Losing 2-3 key techs could cripple service delivery.

Best-in-class: Documented service procedures, cross-trained techs, non-competes, tenure >5 years

Where you likely stand: Elevated. Small team means each person is disproportionately critical.

Regulatory Changes Exposure (PFAS/Lead) -0.25x-0.75x

The same PFAS regulations that create tailwinds also create compliance risk. If EPA standards shift treatment requirements, AquaScience's current methods could become obsolete.

Best-in-class: Diversified across multiple contaminant types, not over-indexed on any single regulatory framework

Where you likely stand: Moderate. PFAS specialization is a double-edged sword.

Owner Does All Selling -0.75x-1.50x

In an 11-person company founded by one person over 41 years, the founder is almost certainly the primary rainmaker. Revenue durability post-close depends entirely on this question.

Best-in-class: Dedicated sales staff closing deals independently; inbound leads from brand/SEO exceed outbound

Where you likely stand: Likely significant. The eCommerce channel may provide some owner-independent revenue, partially mitigating this.

Management Team Depth -0.50x-1.00x

Eleven employees across service, eCommerce, and administration leaves virtually no middle management layer. A buyer would need to immediately invest in management infrastructure.

Best-in-class: Named GM/ops manager, service lead, and sales lead who can run autonomously for 90+ days

Where you likely stand: Weak. 11 employees almost guarantees a flat org with the founder as the single decision-maker.

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